BEIJING—China Mobile Communications reported a net profit of 45.5 billion yuan (US$5.5 billion) for 2001.
Its listed subsidiary China Mobile (Hong Kong) said its net profit reached 28 billion yuan (US$3.38 billion), 55 percent more than in 2000, but the company did not declare a dividend for 2001. Chairman Wang Xiaochu said the company intends to pay dividends in the coming years if a strong cash flow materializes.
China Mobile (HK) plans to acquire the eight remaining networks from its parent company in the first half of this year at a cost of US$10 billion to US$12 billion. It plans to issue China depository receipts (CDRs) to partly finance the acquisition pending approval by the China Securities Regulatory Commission (CSRC).
Turnover rose 54 percent to 100.33 billion yuan (US$12.12 billion), while average revenue per user (ARPU) dropped from 221 yuan (US$26.7) in 2000 to 145 yuan (US$17.5) last year.
